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or without interest from the Escrow Account or Debt Service Account when a sufficient balance <br />is available therein. <br />19. Securities; Escrow Agent. Securities purchased from moneys in the Escrow <br />Account shall be limited to securities set forth in Minnesota Statutes, Section 475.67, <br />Subdivision 8, and any amendments or supplements thereto. Securities purchased from the <br />Escrow Account shall be purchased simultaneously with the delivery of the Bonds. The City <br />Council has investigated the facts and hereby finds and determines that the Escrow Agent is a <br />suitable financial institution to act as escrow agent. <br />20. Escrow Agreement. On or prior to the delivery of the Bonds the Mayor and Clerk <br />shall, and are hereby authorized and directed to, execute on behalf of the City an Escrow <br />Agreement. The Escrow Agreement is hereby approved and adopted and made a part of this <br />resolution, and the City covenants that it will promptly enforce all provisions thereof in the event <br />of default thereunder by the Escrow Agent. <br />21. Purchase of SLGS or Open Market Securities. The Purchaser, as agent for the <br />City, is hereby authorized and directed to purchase on behalf of the City and in its name the <br />appropriate United States Treasury Securities, State and Local Government Series and/or open <br />market securities as provided in paragraph 19, from the proceeds of the Advance Refunding <br />Portion of the Bonds and, to the extent necessary, other available funds, all in accordance with <br />the provisions of this resolution and the Escrow Agreement and to execute all such documents <br />(including the appropriate subscription form) required to effect such purchase in accordance with <br />the applicable U.S. Treasury Regulations. <br />22. Supplemental Resolution. The Prior Resolutions authorizing the issuance of the <br />Prior Bonds are hereby supplemented to the extent necessary to give effect to the provisions <br />hereof. <br />23. Defeasance. When all Bonds have been discharged as provided in this paragraph, <br />all pledges, covenants and other rights granted by this resolution to the registered Holders of the <br />Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with <br />respect to any Bonds which are due on any date by irrevocably depositing with the Bond <br />Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond <br />should not be paid when due, it may nevertheless be discharged by depositing with the Bond <br />Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such <br />deposit. The City may also at any time discharge its obligations with respect to any Bonds, <br />subject to the provisions of law now or hereafter authorizing and regulating such action, by <br />depositing irrevocably in escrow, with a suitable banking institution qualified by law as an <br />escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, <br />Subdivision 8, bearing interest payable at such times and at such rates and maturing on such <br />dates as shall be required, without regard to sale and/or reinvestment, to pay all amounts to <br />become due thereon to maturity or, if notice of redemption as herein required has been duly <br />provided for, to such earlier redemption date. <br />24. Continuing Disclosure. The City is the sole obligated person with respect to the <br />Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), <br />16 <br />2ss2oo9vi <br />